0001031296false00010312962024-10-292024-10-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 29, 2024
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| Commission | | Registrant; State of Incorporation; | | I.R.S. Employer |
| File Number | | Address; and Telephone Number | | Identification No. |
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| 333-21011 | | FIRSTENERGY CORP | | 34-1843785 |
| | | (An | Ohio | Corporation) | | |
| | | 76 South Main Street | | |
| | | Akron | OH | 44308 | | |
| | | Telephone | (800) | 736-3402 | | |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.10 par value per share | | FE | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 29, 2024, FirstEnergy Corp. (“FirstEnergy” or the “Company”) issued a press release (the “Release”) announcing its financial results for the three months ended September 30, 2024, providing earnings guidance for the fourth quarter of 2024, and narrowing the Company’s annual operating (non-GAAP) earnings guidance for the full year 2024. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company has presented certain financial information in the Release and in Exhibit 99.2, referenced below, in accordance with U.S. generally accepted accounting principles (“GAAP”) and also on a non-GAAP basis. Management uses these non-GAAP financial measures to evaluate the Company’s and its segments’ performance and manage its operations, and also frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that these non-GAAP financial measures provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the Company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the Company’s peer group. The Company has provided, where available without unreasonable effort, quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables on page four of the Release.
The information set forth in and incorporated into this Item 2.02 of this Current Report on Form 8-K is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
In connection with the Release, the Company also made available FirstEnergy’s 3Q 2024 Strategic and Financial Highlights, which are attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. The 3Q 2024 Strategic and Financial Highlights are available under the “Investor Relations” section of the Company’s website, located at investors.firstenergycorp.com. Website addresses are included as inactive textual references only. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission. Important information may be disseminated initially or exclusively via the Company’s Investor Relations website; investors should consult the site to access this information.
The information set forth in and incorporated into this Item 7.01 of this Current Report on Form 8-K is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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| Exhibit No. | | Description |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
October 29, 2024
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| FIRSTENERGY CORP. |
| Registrant |
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| By: | /s/ Jason J. Lisowski |
| Jason J. Lisowski Vice President, Controller and Chief Accounting Officer |
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| FirstEnergy Corp. | | For Release: October 29, 2024 |
| 76 South Main Street | | |
| Akron, Ohio 44308 | | |
www.firstenergycorp.com | | |
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| News Media Contact: | | Investor Contact: |
Tricia Ingraham | | Gina Caskey |
| (330) 384-5247 | | (330) 761-4185 |
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FirstEnergy Announces Third Quarter 2024 Financial Results
Reports third quarter 2024 GAAP earnings from continuing operations of $0.73 per share and operating (non-GAAP) earnings of $0.85 per share, within guidance range
Narrows full-year 2024 operating (non-GAAP) earnings guidance to $2.61 to $2.71 per share
Increases 2024 capital investment plan from $4.3 billion to $4.6 billion, an increase of approximately 7%, and 24% higher than 2023
Affirms targeted 6-8% long-term annual operating earnings growth
Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported third quarter 2024 GAAP earnings from continuing operations of $419 million, or $0.73 per basic and diluted share, on revenue of $3.7 billion. This compares to third quarter 2023 GAAP earnings from continuing operations of $421 million, or $0.74 per basic share ($0.73 diluted), on revenue of $3.5 billion. GAAP results for both periods include the impact of special items listed below.
Operating (non-GAAP) earnings for the third quarter of 2024 were $0.85 per share, within the company’s guidance range. In the third quarter of 2023, operating (non-GAAP) earnings were $0.88 per share.
“Our financial results point to the strength of our regulated investment strategies and a culture of resiliency, financial discipline and continuous improvement,” said Brian X. Tierney, President and Chief Executive Officer. “While we’ve faced a number of headwinds this year, our
entire team has responded to deliver results consistent with our financial commitments. I am proud of the progress we have made this year.”
FirstEnergy narrowed its 2024 operating (non-GAAP) earnings guidance range to $2.61 to $2.71 per share, from its original range of $2.61 to $2.81 per share, reflecting lower customer demand from mild weather compared to normal, lower distribution revenues in Ohio as a result of the Electric Security Plan V order, and significantly higher storm restoration costs in the third quarter, partially offset by lower operating expenses.
The company increased its 2024 capital investment plan by $300 million to $4.6 billion, reflecting a 24% increase over 2023 levels.
“We experienced a series of unforeseen challenges in 2024, yet we remain on track to deliver against our five-year, $26 billion Energize365 capital investment program and our long-term 6% to 8% targeted annual earnings growth rate, which is based off the prior year mid-point of operating earnings guidance,” Tierney said.
Third Quarter Results
Third quarter 2024 results benefited from the company’s Energize365 investment plan, including rate base growth in distribution and transmission formula rate programs and the impact of base rate adjustments, along with higher weather-related sales, given the mild temperatures in 2023. These drivers were partially offset by higher storm restoration expenses, dilution related to the sale of the 30% interest in FirstEnergy Transmission, LLC, that closed on March 25, 2024, and lower tax benefits.
Total distribution deliveries increased 2.5% compared to the third quarter of 2023, reflecting cooling degree days that were 15% above last year, mainly associated with the mild temperatures in 2023, and 7% above normal. On a weather-adjusted basis, total distribution deliveries were essentially flat. Usage decreased 1.4% among residential customers, commercial usage was unchanged and industrial demand increased 2.1% compared to the third quarter of 2023.
Earlier this year, the company introduced new segment reporting to enhance transparency and align with its operating structure. Segment results for 2023 have been recast for comparative purposes.
Third quarter 2024 operating earnings in the Distribution segment increased $0.02 per share compared to the third quarter of 2023. Higher weather-related customer demand during the third quarter of 2024 was partially offset by lower distribution capital rider revenues resulting from the Ohio Companies’ Electric Security Plan V.
In the Integrated segment, third quarter operating earnings increased $0.09 per share compared to the third quarter of 2023, primarily due to the impact of base rate adjustments, rate base growth in formula rate investment programs, and higher weather-related distribution customer demand. These items were partially offset by higher storm restoration expenses.
In the Stand-Alone Transmission segment, third quarter 2024 operating earnings decreased $0.04 per share. When adjusted for the 30% sale of FirstEnergy Transmission, LLC, this segment’s operating results would have increased $0.02 per share for the quarter. Total rate base for this segment increased 10%, year over year, to $8.4 billion.
Third quarter 2024 operating results decreased in Corporate/Other by $0.10 per share as lower income tax benefits and lower planned earnings from the company’s legacy investment in the Signal Peak coal mine were partially offset by lower interest costs as a result of FirstEnergy Corp. debt redemptions.
Year-to-Date Results
For the first nine months of 2024, FirstEnergy reported GAAP earnings from continuing operations of $717 million, or $1.25 per basic share ($1.24 diluted), on revenue of $10.3 billion. This compares to GAAP earnings from continuing operations of $948 million, or $1.66 per basic share ($1.65 diluted), on revenue of $9.7 billion in the first nine months of 2023. GAAP results for both periods reflect the impact of special items listed below.
Operating (non-GAAP) earnings for the first nine months of 2024 were $1.96 per share, compared to $1.94 per share in the first nine months of 2023.
Operating results for the first nine months of 2024 reflect continued growth from the company’s regulated investment strategy, the impact of base rate adjustments, higher weather-related distribution sales mostly from the milder temperatures in 2023, and lower net interest expense compared to the first nine months of 2023. These factors more than offset the impact of higher storm restoration and planned operating expenses and the dilutive effect of the sale of the company’s 30% interest in FirstEnergy Transmission, LLC.
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| | Consolidated GAAP Earnings Per Share from Continuing Operations (EPS) to Operating (Non-GAAP) EPS Reconciliation | |
| | | | Three Months Ended Sept 30, | | Nine Months Ended Sept 30, | | | |
| | | | 2024 | 2023 | | 2024 | 2023 | | | |
| Earnings Attributable to FirstEnergy Corp. from Continuing Operations (GAAP) - $M | | $419 | $421 | | $717 | $948 | | | |
| Basic – Continuing Operations EPS (GAAP) | | $0.73 | $0.74 | | $1.25 | $1.66 | | | |
| Excluding Special Items: | | | | | | | | | |
| | Asset retirement obligation regulatory change | | — | — | | 0.28 | — | | | |
| | Debt-related costs | | — | — | | 0.12 | 0.05 | | | |
| | Enhanced employee retirement and other related costs | | 0.01 | 0.07 | | 0.01 | 0.10 | | | |
| | Exit of generation | | — | 0.01 | | — | 0.02 | | | |
| | FE Forward cost to achieve | | 0.08 | 0.01 | | 0.09 | 0.07 | | | |
| | Investigation and other related costs | | 0.03 | 0.03 | | 0.10 | 0.07 | | | |
| | Mark-to-market adjustments – Pension/OPEB actuarial assumptions | | — | — | | — | (0.06) | | | |
| | Regulatory charges | | — | 0.02 | | 0.03 | 0.03 | | | |
| | Strategic transaction charges | | — | — | | 0.08 | — | | | |
| | Total Special Items | | 0.12 | 0.14 | | 0.71 | 0.28 | | | |
| Operating EPS (Non-GAAP) | | $0.85 | $0.88 | | $1.96 | $1.94 | | | |
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| Per share amounts for the special items above are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP) and Operating EPS (Non-GAAP) are based on 576 million shares for the Third Quarter of 2024, 575 million shares for the First Nine Months 2024 and 573 million shares for the Third Quarter and First Nine Months 2023. | |
Non-GAAP Financial Measures
We refer to certain financial measures, including Operating earnings (loss) and Operating earnings (loss) per share (EPS), including by segment, as “non-GAAP financial measures,” which are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and exclude the impact of “special items,” on the following measures: Total revenues, Total operating expenses, Total other expense, and Earnings (loss) attributable to FirstEnergy Corp. from continuing operations, as included in the table above. Operating earnings (loss) and Operating EPS, including by segment, also exclude the impact of Discontinued Operations. Management uses these non-GAAP financial measures to evaluate the company’s and its segments’ performance and manage its operations and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Operating earnings (loss) and Operating EPS, including by segment, provide consistent and comparable measures
of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS is EPS attributable to FirstEnergy Corp. from Continuing Operations (GAAP), as reconciled in the above table. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.
Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS is calculated by dividing Operating earnings (loss), which excludes special items and Discontinued Operations as discussed above, for the periods presented by the weighted average number of common shares outstanding in the respective period. Special Items for the period can be found in more detail in the Company’s Strategic and Financial Highlights, available at www.firstenergycorp.com/ir.
Forward-Looking Non-GAAP Measures
A reconciliation of forward-looking non-GAAP measures, including 2024 Operating EPS and long-term annual Operating EPS growth projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Operating EPS guidance and long-term annual Operating EPS growth rate projections because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Investor Materials and Teleconference
FirstEnergy’s Strategic and Financial Highlights presentation is posted on the company’s Investor Information website – www.firstenergycorp.com/ir. It can be accessed through the Third Quarter 2024 Financial Results link. Important information may be disseminated initially or exclusively via the company’s Investor Information website; investors should consult the site to access this information.
The company invites investors, customers and other interested parties to listen to a live webcast of its teleconference for financial analysts and view presentation slides at 9:00 a.m. EDT tomorrow. FirstEnergy management will present an overview of the company’s financial results followed by a question-and-answer session. The teleconference and presentation can be accessed on the Investor Information website by selecting the Third Quarter 2024 Earnings Webcast link. The webcast and presentation will be archived on the website.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West
Virginia, Maryland and New York. The company’s transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.
Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules recently finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common
stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.
(102924)
Focused on Our Future 3Q 2024 Strategic & Financial Highlights Published October 29, 2024
Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. Strategic & Financial Highlights – Published October 29, 20242
Non-GAAP Financial Matters Strategic & Financial Highlights – Published October 29, 2024 This presentation contains references to certain financial measures including Operating earnings (loss) and Operating earnings (loss) per share (“EPS”), including by segment, and the impact of special items on the following measures: Total revenues, Total operating expenses, Total other expense, and Earnings (loss) attributable to FirstEnergy Corp. from continuing operations. These are “non-GAAP financial measures” which are not calculated in accordance with U.S. Generally Accepted Accounting Principals (“GAAP”). Management uses these non-GAAP financial measures to evaluate the Company’s and its segments’ performance and manage its operations, and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Operating earnings (loss), Operating EPS, including by segment, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Operating earnings (loss) and operating EPS, including by segment, also excludes the impact of discontinued operations. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the Company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the Company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS is EPS attributable to FirstEnergy Corp. from continuing operations (GAAP), each as reconciled throughout the presentation. Also, the non-GAAP financial measures may not be comparable to similarly titled measures used by other entities. Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS is calculated by dividing Operating earnings (loss), which excludes special items and discontinued operations, for the periods presented by the weighted average number of common shares outstanding in the respective period. A reconciliation of forward-looking non-GAAP measures, including 2024 Operating EPS and long-term annual Operating EPS growth projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Operating EPS guidance, long-term annual Operating EPS growth rate projections forecasts because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results. 3
Focus of Today’s Call Strategic & Financial Highlights – Published October 29, 2024 Brian X. Tierney – President and Chief Executive Officer K. Jon Taylor – Senior Vice President, Chief Financial Officer ■ Delivering on our 2024 and long-term financial objectives ■ Continued execution of our regulatory strategy ■ Increasing 2024 investment plan and pursuing incremental transmission opportunities ■ Advocating for customers through current industry dynamics ■ Strong execution driving 3Q & YTD results ■ Additional detail on regulatory activity, including constructive PA rate case settlement ■ Review of economic & customer activity ■ Key financial updates, including financing plan and recent credit rating upgrades 4
$0.73 $0.85 $0.74 $0.88 GAAP EPS Operating EPS Third Quarter Key Highlights Financial Overview 2024 vs 2023 EPS Results Delivered 3Q24 Operating EPS of $0.85, within guidance range Delivered YTD24 Operating EPS of $1.96, $0.02 above YTD23 results (1) Basic Earnings Per Share from Continuing Operations (2) The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see slide 3 for more information. $1.25 $1.96 $1.66 $1.94 GAAP EPS Operating EPS YTD September Affirming 6-8%(2) long-term annual Operating EPS growth target Strategic & Financial Highlights – Published October 29, 2024 2024 2023 Affirming 2024-2028 Energize365 Investment plan of ~$26B and 9% average annual rate base growth In September 2024, declared dividend per share (payable 12/1/24) of $0.425 Narrowing 2024 Operating EPS Guidance(2) to $2.61-$2.71 vs. original range of $2.61-$2.81 Increasing 2024 Investment plan to $4.6B from $4.3B, which represents a 24% increase vs. 2023 spend of $3.7B (1) (1) 5 Team did an excellent job with cost reductions to offset 2024 headwinds Narrowing guidance within original range primarily reflecting 3Q storm restoration costs
2024 Key Milestones Strategic & Financial Highlights – Published October 29, 2024 ▪ Increasing 2024 investment plan from $4.3B to $4.6B – 24% increase vs. 2023 ▪ Pursuing incremental Tx investments through joint- development agreement (JDA) with AEP and Dominion • Includes several new 765-, 500- and 345-kv transmission lines • Project approvals expected to be announced in late February 2025 ▪ Named Karen McClendon SVP & Chief Human Resources Officer ▪ New business unit structure led by business unit executives ▪ Historic storm response efforts • Strong restoration response, incl. communications and collaboration with state & local agencies • Positive media coverage and local recognition ▪ Supporting industry through Hurricanes Helene and Milton • 1,000+ FE employees and contractors were dispatched ▪ PA Base Rate Case • Settlement filed in September • $225M revenue adjustment • Received ALJ recommendation for PAPUC to approve the settlement with new rates effective 1/1/2025 ▪ OH ESP V • Withdrawal filed in October due to lack of clarity on key conditions through entire term • We believe this is the best outcome for all parties and have proposed to move forward with the base rate case ▪ See slide 12 for additional details ▪ Expect orders: • OH Grid Mod II – by YE24 • NJ EE&C – by YE24 • EnergizeNJ – by 1Q25 Investment Opportunities Efficient Operations Regulatory Strategies Torrence Hinton President of Ohio John Hawkins President of Pennsylvania Doug Mokoid President of New Jersey Mark Mroczynski President of Transmission 4.3 4.6 3.7 1.0 1.2 1.4 1.3 1.7 1.7 1.3 1.4 1.5 2023 2024 Original 2024 Revised Corp Tx Int Dx Jim Myers VP, WV/MD Operations 6
▪ Data center and AI’s share of U.S. electricity consumption are expected to triple by 2030 ▪ In our own footprint, load study requests of 500MW+ have more than tripled compared to 2023 ▪ Despite record-high prices in the July PJM capacity auction, no new dispatchable generation cleared the auction Advocating for Customers Through Industry Dynamics Strategic & Financial Highlights – Published October 29, 2024 Industry Dynamics ▪ While we have transmission capacity to support data center investments, we are taking a thoughtful approach to ensure we appropriately manage risks and that existing customers have adequate protections ▪ Advocating on behalf of our customers to ensure reliable and affordable electric service ▪ Committed to working collaboratively across the industry to address these challenges on behalf of our customers Our Focus Areas We remain laser-focused on executing our plan, which brings tremendous value to customers through improved reliability and customer experience and provides strong returns to investors 7
Shareholder Value Proposition (1) As measured year-over-year off prior midpoint guidance. The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see slide 3 for more information. Strong Growth Outlook Attractive Risk Profile Compelling Total Shareholder Return 6-8% long-term annual Operating EPS growth(1) Energize365 T&D Investment Plan of $26B through 2024-2028 9% Average Annual Rate Base Growth 2024-2028 Significant infrastructure investment opportunities beyond plan horizon Targeted 14-15% FFO/Debt over plan horizon No incremental equity needs expected through the planning period beyond Employee Benefit programs of up to ~$100M annually Constructive regulatory frameworks with 75% of planned investment in formula rate programs Low-risk diversified T&D asset mix with strong affordability position Attractive total shareholder return of 10-12%+ with potential for upside (6-8% Operating EPS growth and 4%+ dividend yield) Vastly improved earnings quality, driven by core regulated business growth Committed to dividend growth in line with earnings growth, targeting dividend payout ratio of 60-70% Our diversified asset mix, coupled with an improved balance sheet and a strong affordability position, provides the opportunity to significantly enhance the customer experience and provide solid risk-adjusted returns to our investors Strategic & Financial Highlights – Published October 29, 20248
Delivering Financial Results 3Q 2024 Earnings Summary – Segment View Strategic & Financial Highlights – Published October 29, 2024 Note: Reconciliations between GAAP Earnings from Continuing Operations and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights Quarter-over-Quarter Operating EPS Walk Dx $0.37 Int $0.28 Tx $0.17 Corp $0.06 Dx $0.39 Int $0.37 Tx $0.13 Corp($0.04) ▪ Distribution +$0.02: impact of higher customer demand ▪ Integrated +$0.09: implementation of new base rates and rate base growth, partially offset by higher storm restoration expenses ▪ Stand-Alone Transmission -$0.04: impact of dilution from FET 30% sale (closed 3/25/24), partially offset by continued rate base growth ▪ Corporate -$0.10: lower income tax benefits and lower planned earnings from Signal Peak, partially offset by impact of debt paydowns 3Q24 GAAP EPS from Continuing Operations: $0.73/sh (vs. $0.74/sh in 3Q23) 3Q24 Operating EPS: $0.85/sh (vs. $0.88/sh in 3Q23) Rates & Investments +$0.01 Ohio ESP -$0.02 Customer Demand +$0.02 All Other +$0.01 Rates & Investments +$0.02 Dilution from FET 30% Sale -$0.06 All Other -$0.13 (incl. Income Taxes -$0.09, Signal Peak -$0.03) Financing Costs +$0.03 Rates & Investments +$0.09 Customer Demand +$0.01 Operating Expenses -$0.02 Financing Costs +$0.01 Signal Peak (~$0.06 3Q23 vs. $0.03 in 3Q24) New rates & investments drove sustainable earnings growth, which was offset by higher storm restoration costs and the absence of 3Q23 income tax benefits 9
Delivering Financial Results YTD 2024 Earnings Summary – Segment View Strategic & Financial Highlights – Published October 29, 2024 YTD Operating EPS Walk Dx $0.95 Int $0.54 Tx $0.53 Corp($0.08) Dx $0.90 Int $0.73 Tx $0.45 Corp($0.12) ▪ Distribution -$0.05: primarily from the planned increase in veg management and storm restoration expenses, partially offset by the impact of higher customer demand ▪ Integrated +$0.19: implementation of new base rates, rate base growth, and the impact of higher customer demand, partially offset by lower income tax benefits and higher storm restoration expenses ▪ Stand-Alone Transmission -$0.08: impact of dilution from FET 30% sale (closed 3/25/24), partially offset by continued rate base growth ▪ Corporate -$0.04: lower planned earnings from Signal Peak, partially offset by impact of debt paydowns YTD24 GAAP EPS from Continuing Operations: $1.25/sh (vs. $1.66/sh YTD23) YTD24 Operating EPS: $1.96/sh (vs. $1.94/sh YTD23) Rates & Investments +$0.02 Ohio ESP -$0.02 Customer Demand +$0.07 Operating Expenses -$0.09 All Other -$0.03 Rates & Investments +$0.24 Customer Demand +$0.06 Operating Expenses -$0.06 All Other -$0.05 (incl. Income Taxes -$0.04) Rates & Investments +$0.07 Dilution from FET 30% Sale -$0.12 Net Financing Costs -$0.02 All Other -$0.01 All Other -$0.09 (incl. Income Taxes -$0.02, Signal Peak -$0.09) Financing Costs +$0.05 Signal Peak (~$0.18 YTD23 vs. $0.09 in YTD24) Note: Reconciliations between GAAP Earnings from Continuing Operations and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights Earnings growth from new rates & investments partially offset by the planned increase in operating expenses, higher storm restoration costs and decrease in Signal Peak earnings 10
Recent Regulatory Activity – PA and NJ Strategic & Financial Highlights – Published October 29, 2024 EE&C: Settlement filed 10/18/24; Expect approval on 10/30/24 ▪ Program budget $817M over 2.5 years (January 2025- June 2027), recovered over 10 years ▪ ROE 9.6%; Debt/Equity 48%/52% ▪ Includes programs addressing energy efficiency, peak demand reduction, and building decarbonization EnergizeNJ: Settlement negotiations in progress; Expect final order by 1Q25 ▪ Significant capital investments over 5 years (2025-2029) to enhance reliability and modernize distribution system New Jersey Base Rate Case: Settlement filed 9/13/24; ALJ recommended PAPUC approval on 10/15/24 ▪ $225M revenue adjustment, based on YE 2025 projected rate base of $7B and related cost of service ‒ Constructive outcome; difference in revenue requested and settlement primarily relates to proposed expenses ▪ Represents 4.7% average residential rate increase ‒ FE PA’s residential rates remain 2% below peer average in the state ▪ Supports investment to strengthen the grid and provides enhanced vegetation management program to improve reliability metrics ▪ Required stay-out of new rates until 1/1/27 Pennsylvania PA would mark the fourth constructive base rate case outcome since late 2023, totaling nearly $450M of annual revenue adjustments which support increased investments and best serving customers 11
Recent Regulatory Activity - OH Strategic & Financial Highlights – Published October 29, 2024 ESP V: Withdrawal filed 10/29/24 ▪ The withdrawal is subject to PUCO order and will result in the Ohio Companies reverting to ESP IV until an ESP VI is filed and approved ▪ Reverting to ESP IV allows us to avoid uncertainty in ESP V with respect to certain conditions, work to get clarity on key ESP rider provisions, and ensure that rider programs are addressed in the appropriate forum of an ESP ▪ Expect to file the ESP VI by early next year and better align the review of ESP VI with the review of our Ohio base rate case Ohio Additional ESP Background May 15: PUCO issued Order to approve our ESP V with modifications, with rates effective June 1, 2025 June 14: FE filed Application for Rehearing (AFR) August 27: Ohio Supreme Court decision (Application of Moraine Wind, LLC), stating that PUCO must decide an AFR within 30 days which thus meant FE’s AFR was denied by operation of law Ohio Political and Charitable Spend Audit: ▪ Audit report filed 9/30/24; confirmed that customers’ rates were impacted by ~$15k of HB6-related political and charitable spending, and FE agreed to provide refunds with interest ▪ Comments filed 10/22 and replies due 11/5 Corporate Separation Audit: ▪ Evidentiary hearings held in October ▪ Initial briefs 11/15, reply briefs 12/13 12
Economic & Customer Updates Strategic & Financial Highlights – Published October 29, 2024 Economic Trends Source: Moody’s Analytics & U.S Bureau of Economic Analysis 0% 1% 2% 3% 4% 5% 6% 2023Q3 2023Q4 2024Q1 2024Q2U n e m p lo y m e n t R a te Unemployment Rate OH PA NJ MD WV 0% 1% 2% 3% 4% 5% 6% 2023Q3 2023Q4 2024Q1 2024Q2 G ro s s D o m e s ti c ( S ta te ) P ro d u c t % GDP Growth OH PA NJ MD WV U.S. Avg. U.S. Avg. Positive GDP growth in all five states, with accelerating growth in OH & PA Unemployment rates in FE states are generally in-line with US average Well-positioned to serve customers; our investment program will adjust as needed to ensure capacity and reliable service Weather- Adjusted Customer Load Trends -1.4% -0.7% -0.6% 0.0% -0.1% 0.2% 2.1% 2.5% 2.5% 0.2% 0.6% 0.7% 3Q24 YTD24 TTM Res Com Ind Total 13
Key Financial Updates Strategic & Financial Highlights – Published October 29, 2024 YTD, completed $1.4B in long-term debt transactions at a weighted average coupon of 5.1% ▪ In September, FET launched $800M senior unsecured notes in two tranches at weighted avg. coupon of $4.78%; Private offering with SEC registration rights ▪ JCP&L is considering a similarly structured transaction In October, FE and subsidiaries entered into amendments to extend the maturity date of revolving credit facilities by one year to 10/18/28 ▪ In addition, borrowing limit of JCP&L’s credit facility was increased to $750M from $500M ▪ FE now has $5.9B of commitments under its revolving credit facilities and as of 10/28/24, had ~$6B in total liquidity (including ~$300M cash on hand) On October 2, Fitch upgraded FE Corp. to BBB from BBB- and several subsidiaries received one-notch credit rating upgrades ▪ With these upgrades, FE and its subsidiaries have received 40 total notches of upgrades this year across all three rating agencies ▪ FE Corp. remains on positive outlook at S&P We are positioned well, with financial strength and opportunity to build on our momentum and become a premier electric company that delivers value to our customers, communities, and investors 14
Earnings Supplement to the Financial Community 16. 3Q Earnings Summary and Reconciliation 17. 3Q Operating Earnings Drivers by Segment 18. YTD Summary and Reconciliation 19. YTD Operating Earnings Drivers by Segment 20. Special Items Descriptions 21. 3Q 2024 Earnings Results 22. 3Q 2023 Earnings Results 23. Quarter-over-Quarter Earnings Comparison 24. YTD 2024 Earnings Results 25. YTD 2023 Earnings Results 26. YTD Year-over-Year Comparison TABLE OF CONTENTS (Slide) Gina E. Caskey Director, IR & Corporate Responsibility caskeyg@firstenergycorp.com 330.761.4185 Jake M. Mackin Manager, Investor Relations mackinj@firstenergycorp.com 330.384.4829 Other sections within Highlights include: • Quarterly Support (slides 27-34) Strategic & Financial Highlights – Published October 29, 202415
3Q Earnings Summary and Reconciliation Strategic & Financial Highlights – Published October 29, 2024 EPS Variance Analysis Stand-Alone Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Integrated Transmission Other Consolidated 3Q 2023 Earnings (Loss) Attributable to FirstEnergy Corp. from Continuing Operations - GAAP $175 $145 $100 $1 $421 3Q 2023 Basic Earnings Per Share from Continuing Operations - GAAP (avg. shares outstanding 573M) $0.31 $0.25 $0.17 $0.01 $0.74 Special Items - 2023 Enhanced employee retirement and other related costs 0.04 0.03 — — 0.07 Exit of generation — — — 0.01 0.01 FE Forward costs to achieve — — — 0.01 0.01 Investigation and other related costs — — — 0.03 0.03 Regulatory charges 0.02 — — — 0.02 Total Special Items - 3Q 2023 0.06 0.03 — 0.05 0.14 3Q 2023 Operating Earnings Per Share - Non-GAAP $0.37 $0.28 $0.17 $0.06 $0.88 Rates & Investments 0.01 0.09 0.02 — 0.12 Ohio ESP (0.02) — — — (0.02) Customer Demand 0.02 0.01 — — 0.03 Operating Expenses — (0.02) — — (0.02) Financing Costs — 0.01 (0.06) 0.03 (0.02) All Other 0.01 — — (0.13) (0.12) 3Q 2024 Operating Earnings (Loss) Per Share - Non-GAAP $0.39 $0.37 $0.13 $(0.04) $0.85 Special Items - 2024 Enhanced employee retirement and other related costs (0.01) — — — (0.01) FE Forward costs to achieve (0.04) (0.03) (0.01) — (0.08) Investigation and other related costs — — — (0.03) (0.03) Total Special Items - 3Q 2024 (0.05) (0.03) (0.01) (0.03) (0.12) 3Q 2024 Basic Earnings Per Share (Loss) from Continuing Operations - GAAP (avg. shares outstanding 576M) $0.34 $0.34 $0.12 $(0.07) $0.73 3Q 2024 Earnings (Loss) Attributable to FirstEnergy Corp. from Continuing Operations - GAAP $193 $197 $72 $(43) $419 Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rates range from 21% to 29% in the third quarter of 2024 and 2023. Quarterly Summary Quarterly Reconciliation 3Q 2024 3Q 2023 Change GAAP Earnings Per Basic Share from Continuing Operations $0.73 $0.74 $(0.01) Special Items $0.12 $0.14 $(0.02) Operating (Non-GAAP) Earnings Per Share $0.85 $0.88 $(0.03) Note: Refer to slide 3 for information on Non-GAAP Financial Matters. 16
3Q Operating Earnings Drivers by Segment Strategic & Financial Highlights – Published October 29, 2024 Distribution Integrated Stand-Alone Transmission Corp / Other Rates & Investments +$0.12 $0.01: Primarily due to PA DSIC revenues and lower OH rate credit $0.09: Implementation of new base rates, formula Dx and Tx investment programs $0.02: Formula Tx investment programs - Ohio ESP ($0.02) ($0.02): Due to impact of ESP V order effective 6/1/24 - - - Customer Demand +$0.03 $0.02: Favorable weather vs. 2023 (+$0.03), partially offset by lower weather-adjusted sales ($0.01) $0.01: Favorable weather vs. 2023 - - Operating Expenses ($0.02) $0.00: Primarily due to lower labor and materials offset by higher planned vegetation management and storm restoration expenses ($0.02): Primarily due to higher storm restoration expenses - - Financing Costs(1) ($0.02) - $0.01: Primarily due to JCP&L $500M long-term debt redemption in April ($0.06): Primarily due to the impact of FET 30% interest sale (closed 3/25/24) $0.03: Primarily due to interest expense benefits from use of proceeds on FET 30% sale All Other ($0.12) $0.01: Primarily due to a lower effective tax rate - - ($0.13): Primarily due to lower tax benefits ($0.09) and lower planned Signal Peak earnings ($0.03) Total ($0.03) $0.02 $0.09 ($0.04) ($0.10) Descriptions: 3Q 2024 vs. 3Q 2023 (1) Includes the net impact of interest expense, capitalized financing costs, and interest income (which is included within "miscellaneous income, net"). 17
YTD Earnings Summary and Reconciliation Strategic & Financial Highlights – Published October 29, 2024 Strategic & Financial Highlights – Published October 29, 2024 EPS Variance Analysis Stand-Alone Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Integrated Transmission Other Consolidated 2023 Earnings (Loss) Attributable to FirstEnergy Corp. from Continuing Operations - (GAAP) $506 $290 $301 $(149) $948 2023 Basic Earnings (Loss) Per Share from Continuing Operations - GAAP (avg. shares outstanding 573M) $0.89 $0.51 $0.53 $(0.27) $1.66 Special Items - 2023 Debt-related costs — — — 0.05 0.05 Enhanced employee retirement and other related costs 0.06 0.04 — — 0.10 Exit of generation — — — 0.02 0.02 FE Forward costs to achieve 0.02 0.01 — 0.04 0.07 Investigation and other related costs — — — 0.07 0.07 Mark-to-market adjustments - Pension/OPEB actuarial assumptions (0.04) (0.03) — 0.01 (0.06) Regulatory charges 0.02 0.01 — — 0.03 Total Special Items - 2023 0.06 0.03 — 0.19 0.28 2023 Operating Earnings (Loss) Per Share - Non-GAAP $0.95 $0.54 $0.53 $(0.08) $1.94 Rates & Investments 0.02 0.24 0.07 — 0.33 Ohio ESP (0.02) — — — (0.02) Customer demand 0.07 0.06 — — 0.13 Operating Expense (0.09) (0.06) — — (0.15) Financing Costs — — (0.14) 0.05 (0.09) All Other (0.03) (0.05) (0.01) (0.09) (0.18) 2024 Operating Earnings (Loss) Per Share - Non-GAAP $0.90 $0.73 $0.45 $(0.12) $1.96 Special Items - 2024 ARO regulatory change (0.06) (0.02) — (0.20) (0.28) Debt-related costs — — — (0.12) (0.12) Enhanced employee retirement and other related costs (0.01) — — — (0.01) FE Forward cost to achieve (0.05) (0.03) (0.01) — (0.09) Investigation and other related costs — — — (0.10) (0.10) Regulatory charges (0.04) 0.01 — — (0.03) Strategic transaction charges — (0.02) (0.03) (0.03) (0.08) Total Special Items - 2024 (0.16) (0.06) (0.04) (0.45) (0.71) 2024 Basic Earnings (Loss) Per Share from Continuing Operations - GAAP (avg. shares outstanding 575M) $0.74 $0.67 $0.41 $(0.57) $1.25 2024 Earnings (Loss) Attributable to FirstEnergy Corp. from Continuing Operations - (GAAP) $426 $387 $237 $(333) $717 Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rates range from 21% to 29% in 2024 and 2023. YTD September Summary YTD September Reconciliation 2024 2023 Change GAAP Earnings Per Basic Share from Continuing Operations $1.25 $1.66 $(0.41) Special Items $0.71 $0.28 $0.43 Operating (Non-GAAP) Earnings Per Share $1.96 $1.94 $0.02 Note: Refer to slide 3 for information on Non-GAAP Financial Matters. 18
YTD Operating Earnings Drivers by Segment Strategic & Financial Highlights – Published October 29, 2024 Distribution Integrated Stand-Alone Transmission Corp / Other Rates & Investments +$0.33 $0.02: Primarily due to PA DSIC revenues and lower OH rate credit $0.24: Implementation of new base rates, formula Dx and Tx investment programs $0.07: Formula Tx investment programs - Ohio ESP ($0.02) ($0.02): Due to impact of ESP V order effective 6/1/24 - - - Customer Demand +$0.13 $0.07: Favorable weather vs. 2023 (+$0.10), partially offset by lower weather-adj. sales ($0.03) $0.06: Favorable weather vs. 2023 (+$0.05) and higher weather-adj. sales (+$0.01) - - Operating Expenses ($0.15) ($0.09): Primarily due to higher planned vegetation management and storm restoration expenses, and lower bad debt expense in 2023 ($0.06): Primarily due to higher storm restoration expenses, planned vegetation management, depreciation, and general taxes - - Financing Costs(1) ($0.09) - - ($0.14): Primarily due to the impact of FET 30% interest sale (closed 3/25/24) $0.05: Primarily due to interest expense benefits from use of proceeds on FET 30% sale, partially offset by convertible debt issuance in May 2023 All Other ($0.18) ($0.03): Primarily due to lower miscellaneous/other revenues and lower pension/OPEB credits ($0.05): Primarily due to lower tax benefits and Tx project abandonment ($0.01): Primarily due to non-recoverable expense at TrAILCo ($0.09): Primarily due to lower tax benefits and lower planned Signal Peak earnings Total +$0.02 ($0.05) $0.19 ($0.08) ($0.04) Descriptions: YTD24 vs. YTD23 (1) Includes the net impact of interest expense, capitalized financing costs, and interest income (which is included within "miscellaneous income, net"). 19
Special Items Descriptions Strategic & Financial Highlights – Published October 29, 2024 ▪ ARO regulatory change: Primarily related to increases in asset retirement obligations, primarily associated with the planned transfer of the McElroy’s Run coal ash disposal site to a third party and an estimate for new remediation obligations for various legacy coal combustion residual sites triggered by a new EPA regulation. ▪ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ▪ Enhanced employee retirement and other related costs: Primarily reflects transition and benefit costs associated with the Company's voluntary retirement program and involuntary separations. ▪ Exit of generation: Primarily reflects charges or credits resulting from the exit of competitive operations. ▪ FE Forward cost to achieve: Primarily reflects the impairment charge related to exiting the Akron general office, the termination charges associated with exiting certain sporting sponsorship agreements and certain advisory and other costs incurred to transform FirstEnergy Corp. for the future. ▪ Investigation and other related costs: Primarily reflects litigation settlements and reserves, including those related to the SEC and OOCIC investigations, and other legal and advisory expenses related to the government investigations, net of the received derivative settlement insurance proceeds. ▪ Mark-to-market adjustments - Pension/OPEB actuarial assumptions: Reflects the change in fair value of plan assets and net actuarial gains and losses associated with the Company's pension and other post-employment benefit plans. ▪ Regulatory charges (credits): Primarily reflects the impact of regulatory agreements, proceedings, audits, concessions or orders requiring certain commitments, refunds, and/or disallowing the recoverability of costs, net of related credits. ▪ State tax legislative changes: Primarily reflects charges resulting from state tax legislative changes. ▪ Strategic transaction charges: Primarily reflects the net tax charges and related updates associated with the FET interest sales and consolidation of the Pennsylvania Companies. Note: Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating, the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special items are not necessarily non-recurring. 20
3Q 2024 Earnings Results Strategic & Financial Highlights – Published October 29, 2024 3rd Quarter 2024 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,775 $ 1,432 $ 470 $ 2 $ 3,679 $ — $ — $ — $ — $ — $ 1,775 $ 1,432 $ 470 $ 2 $ 3,679 (2) Other 42 20 5 (17) 50 — — — — — 42 20 5 (17) 50 (3) Total Revenues 1,817 1,452 475 (15) 3,729 — — — — — 1,817 1,452 475 (15) 3,729 (4) Fuel — 139 — — 139 — — — — — — 139 — — 139 (5) Purchased power 571 508 — 7 1,086 — — — — — 571 508 — 7 1,086 (6) Other operating expenses 644 349 113 (7) 1,099 (37) (b)(c) (22) (b)(c) (11) (c) (23) (c)(d) (93) 607 327 102 (30) 1,006 (7) Provision for depreciation 163 132 84 21 400 (2) (a)(c) — — (1) (a) (3) 161 132 84 20 397 (8) Deferral of regulatory assets, net (55) 20 2 — (33) — — — — — (55) 20 2 — (33) (9) General taxes 196 34 70 11 311 — (1) (c) — — (1) 196 33 70 11 310 (10) Total Operating Expenses 1,519 1,182 269 32 3,002 (39) (23) (11) (24) (97) 1,480 1,159 258 8 2,905 (11) Debt redemption costs — — — — — — — — — — — — — — — (12) Equity method investment earnings — — — 21 21 — — — — — — — — 21 21 (13) Miscellaneous income, net 28 13 7 5 53 — — — — — 28 13 7 5 53 (14) Interest expense (106) (62) (70) (38) (276) — — — — — (106) (62) (70) (38) (276) (15) Capitalized financing costs 7 12 16 — 35 — — — — — 7 12 16 — 35 (16) Total Other Expense (71) (37) (47) (12) (167) — — — — — (71) (37) (47) (12) (167) (17) Income taxes (benefits) 34 36 40 (16) 94 10 (a)(b)(c) 7 (b)(c) 3 (c) 5 (a)(c)(d) 25 44 43 43 (11) 119 (18) Income attributable to noncontrolling interest — — 47 — 47 — — 4 (c) — 4 — — 51 — 51 (19) Earnings (Loss) Attributable to FE Corp. from Continuing Operations $ 193 $ 197 $ 72 $ (43) $ 419 $ 29 $ 16 $ 4 $ 19 $ 68 $ 222 $ 213 $ 76 $ (24) $ 487 (20) Average Shares Outstanding 576 576 576 (21) Earnings (Loss) per Share $ 0.34 $ 0.34 $ 0.12 $ (0.07) $ 0.73 $ 0.05 $ 0.03 $ 0.01 $ 0.03 $ 0.12 $ 0.39 $ 0.37 $ 0.13 $ (0.04) $ 0.85 Special Items (after-tax impact): (a) (a) ARO regulatory change $ 1 $ — $ — $ — $ 1 (b) (b) Enhanced employee retirement and other related costs 3 2 — — 5 (c) (c) FE Forward cost to achieve 25 14 4 3 46 (d) (d) Investigation and other related costs — — — 16 16 Impact to Earnings $ 29 $ 16 $ 4 $ 19 $ 68 21
3Q 2023 Earnings Results Strategic & Financial Highlights – Published October 29, 2024 3rd Quarter 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,754 $ 1,254 $ 434 $ 1 $ 3,443 $ — $ — $ — $ — $ — $ 1,754 $ 1,254 $ 434 $ 1 $ 3,443 (2) Other 41 12 5 (14) 44 — — — — — 41 12 5 (14) 44 (3) Total Revenues 1,795 1,266 439 (13) 3,487 — — — — — 1,795 1,266 439 (13) 3,487 (4) Fuel — 166 — — 166 — — — — — — 166 — — 166 (5) Purchased power 702 447 — 6 1,155 — — — — — 702 447 — 6 1,155 (6) Other operating expenses 564 324 97 (18) 967 (31) (a)(c)(e) (19) (a) — (35) (b)(c)(d) (85) 533 305 97 (53) 882 (7) Provision for depreciation 155 116 77 18 366 — (1) (c) — — (1) 155 115 77 18 365 (8) Deferral of regulatory assets, net (124) (17) 1 — (140) — — — — — (124) (17) 1 — (140) (9) General taxes 193 34 65 15 307 (1) (c) — — — (1) 192 34 65 15 306 (10) Total Operating Expenses 1,490 1,070 240 21 2,821 (32) (20) — (35) (87) 1,458 1,050 240 (14) 2,734 (11) Debt redemption costs — — — — — — — — — — — — — — — (12) Equity method investment earnings — — — 43 43 — — — — — — — — 43 43 (13) Miscellaneous income, net 10 18 6 (10) 24 18 (a)(e) 5 (a) — — 23 28 23 6 (10) 47 (14) Pension and OPEB mark-to-market adjustment — — — — — — — — — — — — — — — (15) Interest expense (100) (67) (62) (60) (289) — — — — — (100) (67) (62) (60) (289) (16) Capitalized financing costs 6 10 10 — 26 — — — — — 6 10 10 — 26 (17) Total Other Expense (84) (39) (46) (27) (196) 18 5 — — 23 (66) (34) (46) (27) (173) (18) Income taxes (benefits) 46 12 33 (62) 29 11 (a)(c)(e) 8 (a)(c) — 8 (b)(c)(d) 27 57 20 33 (54) 56 (19) Income attributable to noncontrolling interest — — 20 — 20 — — — — — — — 20 — 20 (20) Earnings Attributable to FE Corp. from Continuing Operations $ 175 $ 145 $ 100 $ 1 $ 421 $ 39 $ 17 $ — $ 27 $ 83 $ 214 $ 162 $ 100 $ 28 $ 504 (21) Average Shares Outstanding 573 573 573 (22) Earnings per Share $ 0.31 $ 0.25 $ 0.17 $ 0.01 $ 0.74 $ 0.06 $ 0.03 $ — $ 0.05 $ 0.14 $ 0.37 $ 0.28 $ 0.17 $ 0.06 $ 0.88 Special Items (after-tax impact): (a) (a) Enhanced employee retirement and other related costs $ 23 $ 16 $ — $ — $ 39 (b) (b) Exit of generation — — — 8 8 (c) (c) FE Forward cost to achieve 4 1 — 3 8 (d) (d) Investigation and other related costs — — — 16 16 (e) (e) Regulatory charges 12 — — — 12 Impact to Earnings $ 39 $ 17 $ — $ 27 $ 83 22
Quarter-over-Quarter Earnings Comparison Strategic & Financial Highlights – Published October 29, 2024 3rd Quarter 2024 vs 3rd Quarter 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 21 $ 178 $ 36 $ 1 $ 236 $ — $ — $ — $ — $ — $ 21 $ 178 $ 36 $ 1 $ 236 (2) Other 1 8 — (3) 6 — — — — — 1 8 — (3) 6 (3) Total Revenues 22 186 36 (2) 242 — — — — — 22 186 36 (2) 242 (4) Fuel — (27) — — (27) — — — — — — (27) — — (27) (5) Purchased power (131) 61 — 1 (69) — — — — — (131) 61 — 1 (69) (6) Other operating expenses 80 25 16 11 132 (6) (3) (11) 12 1 74 22 5 23 133 (7) Provision for depreciation 8 16 7 3 34 (2) 1 — (1) (1) 6 17 7 2 33 (8) Deferral of regulatory assets, net 69 37 1 — 107 — — — — — 69 37 1 — 107 (9) General taxes 3 — 5 (4) 4 1 (1) — — — 4 (1) 5 (4) 4 (10) Total Operating Expenses 29 112 29 11 181 (7) (3) (11) 11 — 22 109 18 22 181 (11) Debt redemption costs — — — — — — — — — — — — — — — (12) Equity method investment earnings — — — (22) (22) — — — — — — — — (22) (22) (13) Miscellaneous income, net 18 (5) 1 15 29 (18) (5) — — — — (10) 1 15 29 (14) Pension and OPEB mark-to-market adjustment — — — — — — — — — — — — — — — (15) Interest expense (6) 5 (8) 22 13 — — — — — (6) 5 (8) 22 13 (16) Capitalized financing costs 1 2 6 — 9 — — — — — 1 2 6 — 9 (17) Total Other Expense 13 2 (1) 15 29 (18) (5) — — — (5) (3) (1) 15 29 (18) Income taxes (benefits) (12) 24 7 46 65 (1) (1) 3 (3) — (13) 23 10 43 65 (19) Income attributable to noncontrolling interest — — 27 — 27 — — 4 — 4 — — 31 — 31 (20) Earnings (Loss) Attributable to FE Corp. from Continuing Operations $ 18 $ 52 $ (28) $ (44) $ (2) $ (10) $ (1) $ 4 $ (8) $ (4) $ 8 $ 51 $ (24) $ (52) $ (6) (21) Average Shares Outstanding 3 3 3 (22) Earnings (Loss) per Share $ 0.03 $ 0.09 $ (0.05) $ (0.08) $ (0.01) $ (0.01) $ — $ 0.01 $ (0.02) $ (0.02) $ 0.02 $ 0.09 $ (0.04) $ (0.10) $ (0.03) 23
YTD 2024 Earnings Results Strategic & Financial Highlights – Published October 29, 2024 YTD September 2024 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 5,110 $ 3,676 $ 1,367 $ 6 $10,159 $ — $ — $ — $ — $ — $ 5,110 $ 3,676 $ 1,367 $ 6 $ 10,159 (2) Other 122 49 14 (48) 137 — — — — — 122 49 14 (48) 137 (3) Total Revenues 5,232 3,725 1,381 (42) 10,296 — — — — — 5,232 3,725 1,381 (42) 10,296 (4) Fuel — 372 — — 372 — — — — — — 372 — — 372 (5) Purchased power 1,723 1,260 — 16 2,999 — — — — — 1,723 1,260 — 16 2,999 (6) Other operating expenses 1,871 1,041 280 83 3,275 (121) (a)(d)(f) (93) (a)(d)(f) (11) (d) (185) (a)(d)(e) (410) 1,750 948 269 (102) 2,865 (7) Provision for depreciation 486 386 249 57 1,178 (3) (d) (1) (d) — (1) (a) (5) 483 385 249 56 1,173 (8) Amortization (deferral) of regulatory assets, net (152) (58) 5 — (205) — 61 (f) — — 61 (152) 3 5 — (144) (9) General taxes 569 104 209 33 915 (1) (d) (1) (d) — — (2) 568 103 209 33 913 (10) Total Operating Expenses 4,497 3,105 743 189 8,534 (125) (34) (11) (186) (356) 4,372 3,071 732 3 8,178 (11) Debt redemption costs — — — (85) (85) — — — 85 (b) 85 — — — — — (12) Equity method investment earnings — — — 64 64 — — — — — — — — 64 64 (13) Miscellaneous income, net 101 39 12 4 156 — — — — — 101 39 12 4 156 (14) Interest expense (331) (198) (201) (136) (866) — — — 3 (b) 3 (331) (198) (201) (133) (863) (15) Capitalized financing costs 17 33 43 1 94 — — — — — 17 33 43 1 94 (16) Total Other Expense (213) (126) (146) (152) (637) — — — 88 88 (213) (126) (146) (64) (549) (17) Income taxes (benefits) 96 107 141 (50) 294 31 (a)(d)(f) 3 (a)(d)(f)(g) (21) (g) 13 (a)(b)(d)(e)(g) 26 127 110 120 (37) 320 (18) Income attributable to noncontrolling interest — — 114 — 114 — — 9 (d)(g) — 9 — — 123 — 123 (19) Earnings (Loss) Attributable to FE Corp. from Continuing Operations $ 426 $ 387 $ 237 $ (333) $ 717 $ 94 $ 31 $ 23 $ 261 $ 409 $ 520 $ 418 $ 260 $ (72) $ 1,126 (20) Average Shares Outstanding 575 575 575 (21) Earnings (Loss) per Share $ 0.74 $ 0.67 $ 0.41 $ (0.57) $ 1.25 $ 0.16 $ 0.06 $ 0.04 $ 0.45 $ 0.71 $ 0.90 $ 0.73 $ 0.45 $ (0.12) $ 1.96 Special Items (after-tax impact): (a) (a) ARO regulatory change $ 35 $ 12 $ — $ 115 $ 162 (b) (b) Debt-related costs — — — 69 69 (c) (c) Enhanced employee retirement and other related costs 3 2 — — 5 (d) (d) FE Forward cost to achieve 31 16 4 3 54 (e) (e) Investigation and other related costs — — — 54 54 (f) (f) Regulatory charges 25 (7) — — 18 (g) (g) Strategic transaction charges — 8 19 20 47 Impact to Earnings $ 94 $ 31 $ 23 $ 261 $ 409 24
YTD 2023 Earnings Results Strategic & Financial Highlights – Published October 29, 2024 YTD September 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 5,115 $ 3,206 $ 1,262 $ 6 $ 9,589 $ — $ 6 (g) $ 1 (g) $ — $ 7 $ 5,115 $ 3,212 $ 1,263 $ 6 $ 9,596 (2) Other 124 44 13 (46) 135 — — — — — 124 44 13 (46) 135 (3) Total Revenues 5,239 3,250 1,275 (40) 9,724 — 6 1 — 7 5,239 3,256 1,276 (40) 9,731 (4) Fuel — 439 — — 439 — — — — — — 439 — — 439 (5) Purchased power 1,985 1,172 — 16 3,173 — — — — — 1,985 1,172 — 16 3,173 (6) Other operating expenses 1,599 862 260 (23) 2,698 (55) (b)(d)(g) (32) (b)(d)(g) (1) (g) (98) (c)(d)(e) (186) 1,544 830 259 (121) 2,512 (7) Provision for depreciation 464 343 226 55 1,088 (3) (d) (1) (d) — — (4) 461 342 226 55 1,084 (8) Amortization (deferral) of regulatory assets, net (174) (85) 6 — (253) — — — — — (174) (85) 6 — (253) (9) General taxes 555 98 193 35 881 (1) (d) — — — (1) 554 98 193 35 880 (10) Total Operating Expenses 4,429 2,829 685 83 8,026 (59) (33) (1) (98) (191) 4,370 2,796 684 (15) 7,835 (11) Debt redemption costs — — — (36) (36) — — — 36 (a) 36 — — — — — (12) Equity method investment earnings — — — 134 134 — — — — — — — — 134 134 (13) Miscellaneous income, net 58 50 17 (23) 102 21 (b)(g) 8 (b) — — 29 79 58 17 (23) 131 (14) Pension and OPEB mark-to-market adjustment 34 24 6 (5) 59 (34) (f) (23) (f) — 5 (f) (52) — 1 6 — 7 (15) Interest expense (290) (187) (179) (172) (828) — — — — — (290) (187) (179) (172) (828) (16) Capitalized financing costs 16 25 26 2 69 — — — — — 16 25 26 2 69 (17) Total Other Expense (182) (88) (130) (100) (500) (13) (15) — 41 13 (195) (103) (130) (59) (487) (18) Income taxes (benefits) 122 43 102 (74) 193 10 (b)(d)(f)(g)(h) 5 (b)(d)(f)(g) 1 (g) 30 (a)(c)(d)(e)(f) 46 132 48 103 (44) 239 (19) Income attributable to noncontrolling interest — — 57 — 57 — — — — — — — 57 — 57 (20) Earnings (Loss) Attributable to FE Corp. from Continuing Operations $ 506 $ 290 $ 301 $ (149) $ 948 $ 36 $ 19 $ 1 $ 109 $ 165 $ 542 $ 309 $ 302 $ (40) $ 1,113 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 0.89 $ 0.51 $ 0.53 $ (0.27) $ 1.66 $ 0.06 $ 0.03 $ — $ 0.19 $ 0.28 $ 0.95 $ 0.54 $ 0.53 $ (0.08) $ 1.94 Special Items (after-tax impact): (a) (a) Debt-related costs $ — $ — $ — $ 29 $ 29 (b) (b) Enhanced employee retirement and other related costs 35 25 — — 60 (c) (c) Exit of generation — — — 8 8 (d) (d) FE Forward cost to achieve 11 5 — 26 42 (e) (e) Investigation and other related costs — — — 42 42 (f) (f) Mark-to-market adjustments - Pension/OPEB actuarial assumptions (26) (16) — 4 (38) (g) (g) Regulatory charges 15 5 1 — 21 (h) (h) State tax legislative change 1 — — — 1 Impact to Earnings $ 36 $ 19 $ 1 $ 109 $ 165 25
YTD Year-over-Year Comparison Strategic & Financial Highlights – Published October 29, 2024 YTD September 2024 vs YTD September 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ (5) $ 470 $ 105 $ — $ 570 $ — $ (6) $ (1) $ — $ (7) $ (5) $ 464 $ 104 $ — $ 563 (2) Other (2) 5 1 (2) 2 — — — — — (2) 5 1 (2) 2 (3) Total Revenues (7) 475 106 (2) 572 — (6) (1) — (7) (7) 469 105 (2) 565 (4) Fuel — (67) — — (67) — — — — — — (67) — — (67) (5) Purchased power (262) 88 — — (174) — — — — — (262) 88 — — (174) (6) Other operating expenses 272 179 20 106 577 (66) (61) (10) (87) (224) 206 118 10 19 353 (7) Provision for depreciation 22 43 23 2 90 — — — (1) (1) 22 43 23 1 89 (8) Amortization (deferral) of regulatory assets, net 22 27 (1) — 48 — 61 — — 61 22 88 (1) — 109 (9) General taxes 14 6 16 (2) 34 — (1) — — (1) 14 5 16 (2) 33 (10) Total Operating Expenses 68 276 58 106 508 (66) (1) (10) (88) (165) 2 275 48 18 343 (11) Debt redemption costs — — — (49) (49) — — — 49 49 — — — — — (12) Equity method investment earnings — — — (70) (70) — — — — — — — — (70) (70) (13) Miscellaneous income, net 43 (11) (5) 27 54 (21) (8) — — (29) 22 (19) (5) 27 25 (14) Pension and OPEB mark-to-market adjustment (34) (24) (6) 5 (59) 34 23 — (5) 52 — (1) (6) — (7) (15) Interest expense (41) (11) (22) 36 (38) — — — 3 3 (41) (11) (22) 39 (35) (16) Capitalized financing costs 1 8 17 (1) 25 — — — — — 1 8 17 (1) 25 (17) Total Other Expense (31) (38) (16) (52) (137) 13 15 — 47 75 (18) (23) (16) (5) (62) (18) Income taxes (benefits) (26) 64 39 24 101 21 (2) (22) (17) (20) (5) 62 17 7 81 (19) Income attributable to noncontrolling interest — — 57 — 57 — — 9 — 9 — — 66 — 66 (20) Earnings (Loss) Attributable to FE Corp. from Continuing Operations $ (80) $ 97 $ (64) $ (184) $ (231) $ 58 $ 12 $ 22 $ 152 $ 244 $ (22) $ 109 $ (42) $ (32) $ 13 (21) Average Shares Outstanding 2 2 2 (22) Earnings (Loss) per Share $ (0.15) $ 0.16 $ (0.12) $ (0.30) $ (0.41) $ 0.10 $ 0.03 $ 0.04 $ 0.26 $ 0.43 $ (0.05) $ 0.19 $ (0.08) $ (0.04) $ 0.02 26
Quarterly Support Strategic & Financial Highlights – Published October 29, 2024 Strategic & Regulatory 28. Regulatory Calendar 29. Earned ROE Summary 30. Earnings ROEs Detail by Jurisdiction TABLE OF CONTENTS (Slide) Quarterly Support 31. TTM Actual Sales by Class 32. TTM Weather-Adjusted Sales 33. TTM Weather Impacts 34. Credit Ratings Summary 27
Jurisdiction Regulatory Matter Key Dates Ohio ▪ Base Rate Case ▪ Grid Mod II ▪ Electric Security Plan (ESP V) ▪ HB6 Related Investigations ▪ Filed base rate request for approximately $94M on 5/31/24, updated request to $190M on 7/31/24 ▪ Settlement agreement filed 4/12/24; hearings concluded 7/2/24 ▪ PUCO order issued 5/15/24, Application for Rehearing (AFR) was denied due to operation of law, Ohio companies did not appeal AFR to Ohio Supreme Court; Withdrawal filed on 10/29/24 ▪ Review of Political and Charitable Spending (audit report filed 9/30/24); Corporate Separation Audit (hearings 10/9/24-10/10/24); Rider DCR/DMR Audit (hearings to begin 2/3/25) Pennsylvania ▪ Base Rate Case ▪ Long-Term Infrastructure Improvement Plan (LTIIP III) ▪ Approval of FET 30% Interest Sale ▪ Legal Entity Consolidation ▪ Filed base rate request for $502M on 4/2/24; Settlement agreement filed on 9/13/24; ALJ recommended PAPUC approval on 10/15/24; Order anticipated in December with rates eff. 1/1/25 ▪ Filed 7/22/24, requesting 5-yr program, totaling investments of $1.6B ▪ Received PAPUC approval of settlement agreement on 3/14/24; completed sale on 3/25/24 ▪ Completed on 1/1/24 New Jersey ▪ Distribution Base Rate Case Filing ▪ Infrastructure Investment Program (EnergizeNJ) ▪ Energy Efficiency Triennial Plan Filing ▪ Management Audit ▪ Received BPU approval of settlement agreement on 2/14/24; implementation of base rate case effective 2/15/24 with rates effective for customers on 6/1/24 ▪ Submitted amended filing on 2/27/24; Settlement negotiations in progress ▪ Filed 12/1/23; Settlement filed 10/18/24; Expect approval on 10/30/24 ▪ Final report released on 4/12/23; Comments filed on 7/31/23 West Virginia ▪ Base Rate Case (Dx+Tx+Gx) ▪ Solar Generation Projects Proceeding ▪ Depreciation Rate Filing ▪ Annual ENEC Filing (2023) ▪ Received WVPSC approval of settlement agreement on 3/26/24; rates effective 3/27/24 ▪ Received WVPSC approval of first 30 MW on 8/23/23, surcharge effective 1/1/24; approval pending on additional 20 MW ▪ Received WVPSC approval of settlement with rates effective 3/27/24 ▪ Received WVPSC approval of settlement with rates effective 3/27/24 to increase ENEC rates, with deferred amounts to be recovered in 2025-2026 Maryland ▪ Energy Efficiency Plan (EmPOWER) ▪ Electric School Bus Pilot ▪ EV Phase II ▪ New legislation effective 7/1/24 reduces the carrying cost on the unamortized balances of EmPOWER costs from the pre-tax ROR to the average cost of outstanding debt ▪ Filed 1/17/24; hearing occurred on 10/4/24 ▪ Filed 3/1/24 FERC ▪ FERC Rulemaking and Proceedings Re: Tx Planning ▪ Approval of FET 30% Interest Sale ▪ PA Legal Entity Consolidation ▪ FERC Order 1920 issued 5/13/2024, PJM compliance filing due 6/2025; FirstEnergy’s focus will be on items set for resolution in PJM compliance filing. ▪ Received FERC approval on 8/14/23; completed sale on 3/25/24 ▪ Completed 1/1/24 Regulatory Calendar Select Proceedings Strategic & Financial Highlights – Published October 29, 202428
Earned ROE (Weighted Avg) 4.7% 2.5% 8.3% 8.9% 9.0% 10.7% 10.45% 0% 5% 10% OH PA NJ WV MD FET TransCos KATCo Earned ROE Summary TTM 9/30/2024 (see next slide for details by jurisdiction) Distribution Integrated Stand-Alone Transmission Rate Base $4.4B $7.2B $4.4B $3.7B $1.0B $8.0B $0.4B FE EPS Sensitivity Annual ROE (+/- 100 bps) ~$0.04 ~$0.07 ~$0.04 ~$0.03 ~$0.01 ~$0.04 <$0.01 % of Total Rate Base 15% 25% 15% 13% 3% 28% 2% As filed in pending rate case (1) Commentary on recent/current base rate cases ▪ OH: Filed base rate request for approximately $94M on 5/31/24; updated request for $190M filed 7/31/24; Requested ROE is 10.8% ▪ PA: Filed base rate case request for $502M on 4/2/24, Settlement Agreement filed 9/13/24; Order anticipated December 2024, with rates effective January 2025 ▪ NJ: Implementation of base rate case effective 2/15/24, with rates effective for customers on 6/1/24, of $85M annually ▪ WV: Implementation of new base rates effective 3/27/24 of $105M annually ▪ MD: Implementation of new base rates effective 10/19/23 of $29M annually (1) ROE and rate base represent the filed position by the Company in its pending rate case before revenue adjustment. (2) NJ and MD include distribution and transmission. WV includes distribution, transmission, and generation. (3) Includes weighted average ROE of ATSI, MAIT, and TrAILCo and excludes impact of interest on FET, LLC Hold Co debt, which approximates $100M annually (3)(2)(2) (2) Note: Numbers may not foot due to rounding Strategic & Financial Highlights – Published October 29, 2024 As filed in pending rate case update (1) 29
Earned ROE Detail by Jurisdiction TTM 9/30/2024 (1) For distribution assets, represents rate base at the end of the quarter for OH, PA, NJ and 13-month average for WV and MD. For FERC-regulated transmission assets, represents quarter-end rate base balance.. (2) Calculated using filed capital structure for OH & PA, authorized for NJ, WV & MD (3) Actual revenue, not weather normalized; Income taxes calculated using statutory rates or consistent with practice used in base rate case filing (4) Includes PE-VA transmission assets Test Year Allowed ROE Earned ROE Rate Base(1) Equity %(2) Notes & Key Regulatory Adjustments(3) Distribution OH Dx 2024 (proj.) 10.8% (filed) 4.7% (filed) $4.4B (filed) 55% (filed) ▪ See Regulatory Corner for key filing parameters and adjustments ▪ Reflects update filing (5A+7F) made 7/31/24 PA Dx 2025 (proj.) 11.3% (filed) 2.5% (filed) $7.2B (filed) 54% (filed) ▪ See Regulatory Corner for key filing parameters and adjustments Integrated NJ Dx June 2023 9.6% 7.9% $3.1B 52% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) ▪ Excludes return on Energy Efficiency Programs, collected through Rider RRC Tx Formula 10.20% 9.1% $1.3B 52% WV Dx, Tx, Gx Dec 2022 9.8% 8.9% $3.7B 50% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes income from investment in Allegheny Generating Company (Bath County pumped storage facility) and Fort Martin Power Station securitized scrubbers ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) MD Dx Dec 2022 9.5% 8.6% $0.8B 53% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes return/income and carrying costs on programs such as MD’s EmPOWER energy efficiency program Tx(4) Formula 10.45% 10.45% $0.2B 50% Stand-Alone Transmission FET ATSI Formula 10.38% 10.38% $4.1B 60% Earned ROEs reflect the following: ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) MAIT Formula 10.30% 10.30% $2.5B 60% TrAIL Formula 11.70% 11.70% $1.4B 60% KATCo Tx Formula 10.45% 10.45% $0.4B 49% Strategic & Financial Highlights – Published October 29, 202430
Actual Sales by Class Percent change vs. prior year Commercial includes street lighting Numbers may not add due to rounding *Values reflect a reclassification of certain Commercial and Industrial customers Strategic & Financial Highlights – Published October 29, 2024 (MWh in 4Q22 4Q23 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 TTM 3Q23 TTM 3Q24 thousands) Residential 13,135 12,486 13,941 14,087 10,836 12,536 14,954 15,415 52,866 54,524 Commercial 9,449 9,291 9,470 9,357 8,946 9,669 10,471 10,680 38,337 38,997 Industrial 12,802 13,134 12,673 13,182 13,099 13,277 13,345 13,630 51,919 53,223 Total 35,386 34,911 36,084 36,626 32,881 35,482 38,770 39,725 143,122 146,744 -4.9% 1.0% 15.7% 3.1% 3.1% -1.7% -1.2% 8.1% 2.0% 1.7% 2.6% 4.0% 1.4% 2.1% 2.5% -1.3% 1.5% 7.9% 2.5% 2.5% 4Q23 1Q24 2Q24 3Q24 TTM Residential Commercial Industrial Total 31
Actual Weather-Adjusted Sales by Class Percent change vs. prior year Strategic & Financial Highlights – Published October 29, 2024 (MWh in 4Q22 4Q23 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 TTM 3Q23 TTM 3Q24 thousands) Residential 13,170 13,122 15,982 15,493 11,511 11,907 15,293 15,078 55,956 55,600 Commercial 9,416 9,521 10,241 9,896 9,148 9,466 10,559 10,563 39,364 39,446 Industrial 12,802 13,134 12,673 13,182 13,099 13,277 13,345 13,630 51,919 53,223 Total 35,388 35,777 38,896 38,571 33,758 34,650 39,197 39,271 147,239 148,269 -0.4% -3.1% 3.4% -1.4% -0.6% 1.1% -3.4% 3.5% 0.0% 0.2% 2.6% 4.0% 1.4% 2.1% 2.5% 1.1% -0.8% 2.6% 0.2% 0.7% 4Q23 1Q24 2Q24 3Q24 TTM Residential Commercial Industrial Total Commercial includes street lighting Numbers may not add due to rounding *Values reflect a reclassification of certain Commercial and Industrial customers 32
Weather Impacts KWh Strategic & Financial Highlights – Published October 29, 2024 Total EPS Impact 3Q YTD Weather vs Normal: Weather vs Normal: $0.01 -$0.02 Weather vs 2023: Weather vs 2023: $0.04 $0.15 OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % 3Q24 vs Normal CDD 46 8% 85 13% (7) -1% 78 12% 39 5% 51 7% HDD (45) -59% (39) -61% (19) -88% (23) -37% (24) -62% (35) -59% vs 3Q23 CDD 174 37% 107 17% (48) -5% 162 30% (4) 0% 99 15% HDD (33) -51% (32) -56% (23) -90% (41) -51% (30) -67% (31) -57% 0 100 200 300 400 500 1,400 1,150 900 650 400 150 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 HDD CDD HDD Norm CDD Norm 33
▪ On October 2, 2024, Fitch upgraded FE Corp.’s ratings to BBB from BBB-. ‒ Fitch also upgraded ratings of JCP&L, MP, AGC, FET, ATSI, MAIT, TrAILCo, and KATCo and put OE, CEI, and TE on positive outlook. ▪ On July 22, 2024, S&P upgraded FET, LLC by 2 notches and ATSI, MAIT, and TrAILCo by 1 notch while maintaining their positive outlooks. ▪ On May 6, 2024, Fitch upgraded all subsidiaries and put FE Corp. and several subsidiaries on positive outlook. ▪ On April 23, 2024, S&P upgraded FE Corp.’s ratings and maintained positive outlook ‒ S&P also upgraded ratings of OE, TE, FEPA, AGC, FET, ATSI, MAIT, and TrAILCo ▪ On March 28, 2024, Moody’s upgraded FE Corp.’s ratings to Baa3 from Ba1 Credit Ratings As of October 29, 2024 Strategic & Financial Highlights – Published October 29, 2024 Most Recent Ratings Actions * Holding company S = Stable P = Positive Ratings are not recommendations to buy, sell, or hold securities. Ratings are subject to change or withdrawal at any time by the credit rating agencies. N = Negative FE Corp. and all subsidiaries are investment grade at all three rating agencies 34
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FirstEnergy (NYSE:FE)
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De Oct 2024 à Nov 2024
FirstEnergy (NYSE:FE)
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